Just finished running and took out my phone—suddenly a bunch of red notification pop-ups: things like “Certain data came in above expectations” or “Rate-cut expectations have changed again.” Just looking at it gives me a headache… To put it simply, when interest rates move, the market’s nerves move with them: when money is expensive, everyone just wants to stay alive first, so positions naturally shrink—and on-chain you can clearly see more people hiding in stablecoins and the broader market. When money gets cheaper and risk appetite picks up, only then do people start daring to chase new narratives and digging into all kinds of strange liquidity/strategy pools.

Recently, modularization and the DA layer have been pretty hot topics. Developers over there are acting like they’ve been injected with adrenaline, but it’s totally normal for ordinary users to be confused—I’ll just treat it as a “capital migration observation” instead. If risk appetite really returns, on-chain activity won’t just be loud in chat; money will slowly shift in these directions. Anyway, my approach right now is pretty old-school: when macro noise is high, don’t try to force it—keep some dry powder and wait until both sentiment and capital turn around… that’s it for now.